Monday, the Indian market is trading sharply higher, encouraged by positive global cues. Stocks across the sectors, with the exception of FMCG stocks, are trading firm. Realty, metal and banking stocks are leading the rally, while healthcare and IT stocks are showing modest gains.
The BSE Sensex opened higher at 10,521 and rose further to 10,655 in early trading. However, the index has pared some of its gains since then and is now trading at 10,613, up 264 points or 2.55% over the previous close. Similarly, the S&P CNX Nifty is gaining 2.38% to 3,287.
Second-line stocks are also showing handsome gains. On the BSE, the market breadth is extremely positive, with 1344 advancers compared to 271 stocks that are declining. The broad-based BSE 500 index and the mid-cap index are rising around 2.6% each and the small-cap index is up nearly 2.8%.
Among the major gainers, DLF is climbing 7.84%, Reliance Communication and Tata Steel are jumping around 6% each, Jaiprakash Associates is surging up 4.86%, Tata Power is gaining 4.74% and HDFC is adding 4.63%.
Mahindra & Mahindra, ICICI Bank, State Bank of India, HDFC Bank, Tata Motors, Hindalco Industries, Reliance Infrastructure and Sterlite are the other prominent gainers.
Twenty-six out of 30 Sensex stocks are trading in positive terrain, but ACC, Hindustan Unilever, Maruti Suzuki and ITC are trading in the red.
Era Infra Engineering is rising 3.11% after the company said that M/s. Big Ben Developers Pvt ceased to be the subsidiary of the company. Religare Enterprises is up 0.11% on reports that it is buying a controlling stake in Maharishi Housing Development Finance Corporation for an undisclosed amount.
Shasun Chemicals and Drugs is gaining 3.32% following reports that it is shifting a manufacturing facility at Annan in Scotland (SCDL) to locations in the U.S, the U.K. and India. Pokarna is adding 3.38% after it commenced production of its engineered stone division situated at APSEZ, Achutapuram in Visakapatnam.
Piramal Healthcare is down 0.15% on reports that French pharmaceutical giant Sanofi Aventis' proposed deal to acquire a majority stake in the company has collapsed due to differences on valuation aspects.
Sadbhav Engineering is losing 2.47% after the company's board approved the divestment of the company's entire shareholding in its wholly owned subsidiary, Sadbhav Natural Resources Pvt.
Brigade Enterprises is up 3.35% on reports that it has lined up 12 projects, which include hospitals, residences and malls, and would start building them before the end of this year. On Friday, the company launched a 126-room luxury service apartment complex 'Mercure Homestead' in northwest Bangalore, in partnership with Accor hotels and resorts.
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